Advertisement

Updated May 22nd, 2023 at 13:45 IST

Adani group m-cap inches towards Rs 11 lakh cr; stocks bounce back

The market cap of the Adani group of companies in January, before the Hindenburg report was at Rs 18.5 lakh crore.

Reported by: Sharmila Bhowmick
Mobile phone
Image Credit: Shutterstock | Image:self
Advertisement

The markets have responded with confidence to the Adani group of stocks on Monday morning. Adani group's market capitalisation jumped nearly Rs 68,400 crore to Rs 10,03,861 crore in Monday's trade compared with Rs 9,34,485 crore at the closing on Friday. Adani group stocks such as Adani Enterprises, Adani Ports & SEZ, Adani Power and Adani Green Energy surged up to 11 per cent in Monday's trade, with the group market capitalisation hitting the Rs 10 lakh crore mark. The market cap of the Adani group of companies in January, before the Hindenburg report was at Rs 18.25 lakh crore.

The report by Supreme Court panel on the Hindenburg report ruled out any regulatory failure by SEBI as alleged by the American short-seller. This has helped the group regain confidence among investors. The Adani group has been under spotlight over last few weeks as the Supreme Court opened the matter for hearing. The AM Sapre committee report suggested it was not possible to conclude that there was a regulatory failure on the Hindenburg's price manipulation allegation.

The Supreme Court had given two months to a six member pandel headed by former Supreme Court judge AM Sapre. The other members were former SBI chairman OP Bhatt, Justice JP Devadhar (retired), veteran banker KV Kamath, Infosys co-founder Nadan Nilekani and advocate Somasekhar Sundaresan, an expert on Securities law.

The key takeaways from the six-member panel report were:

1. Adani group has disclosed all beneficial owners of the company 
2. No charge by SEBI that they are rejecting Adani's declaration of beneficial owners 
3. Retail shareholding of Adani has gone up after the Hindenburg Report 
4. Shortselling profits were made by entities after the release of the Hindeburg report
5. No prima facie violation of existing rules or laws 
6. SEBI still doesn't have enough information of 13 overseas entities and 42 contributors to assests under management
7. Report leaves to SEBI to decide if the pending discovery of 13 entities is required and if further case is required to be made 
8. SEBI while referring the case to the Enforcement Directorate did not make prima facie charge 
9.  Adani stocks have stabilised at new price discovery without destabilising the market
10. Adani Group has made efforts to comfort investors

The Supreme Court in its last hearing has announced that it would hear the case again on July 11. SEBI is expected to submit its report as asked by the apex court by August 14.

Advertisement

Published May 22nd, 2023 at 13:42 IST

Your Voice. Now Direct.

Send us your views, we’ll publish them. This section is moderated.

Advertisement
Advertisement

Trending Quicks

MEA Responds To China’s Comment On Sikh Separatist Gurupatwant Singh Pannun
4 minutes ago
Mukhtar Ansari Death
5 minutes ago
Dhara Gujjar
6 minutes ago
The ICJ has ordered Israel to ensure the smooth flow of aid to the people of Gaza.
11 minutes ago
UFC Exclusive Erin Blanchfield
14 minutes ago
Indian pharma sector
15 minutes ago
WWE Bloodline
16 minutes ago
Ramya on Uttarakaanda sets
21 minutes ago
Virat Kohli and Glenn Maxwell
22 minutes ago
Maharashtra Politics: Did Govinda Say Congress Ignored Him For 13 Years?
23 minutes ago
Torrent Power
26 minutes ago
Advertisement
Advertisement
Advertisement
Whatsapp logo